Part I: Money scripts are described as unexamined, contextual, reinforced, and generational. Thus by nature, money scripts are self-limiting as they relate to the choices we make (or fail to make). We know that money scripts occur on a very primal and subconscious level, a function of the way humans learn through observation and imitation in their environments. In Module 2’s readings and discussion, evaluating the “value of the past” and being able to communicate this critical piece to clients is a trademark of the initial facilitation of the financial change process. Money scripts are closely-held beliefs of the subconscious that are driven from past environmental exposure. When thoughts are held on such a subconscious level, it is notoriously difficult for individuals to confront those issues, especially when those beliefs (money scripts) present on the conscious level as behavioral action or inaction that prevents, complicates, or completely limits (depending on the severity and depth of the closely-held money beliefs), the expression of a client’s full financial potential. Of the “top ten” money scripts presented in your reading, select three that resonate the most to your own personal experiences and describe: (1) how you have seen these money scripts play out in your life or the life of someone close to you (2) how those money scripts have gotten in the way of reaching full financial potential Part II: Identify a money script that you hold (we all have them). For example, “I don’t like to use budgets because I feel deprived.” Then: (1) State the money script you have defined for yourself in one sentence. (2) Describe what behavior/situation this money script would apply to. In using the above example, “I don’t like to use budgets because I feel deprived,” this would refer to a behavior/situation that indicates that you know you are spending too much money, but are avoiding confronting the issue by setting up a spending plan. (3) Describe any physical sensations or feelings related to this money script. As an example, agitation or fear any time you go to look at your credit card or checking account balance. (4) Knowing the behavior/situation and the physical sensation/feeling as it applies to your stated money script, what alternative money script AND adaptive behavior can you create in its place? Part III: At the far end of the spectrum of overall difficulty with managing money or dealing with financial stress, lies the money disorder. Money disorders are the behavioral manifestations of damaging and disabling money scripts. Money disorders are the emotional and spiritual imbalances that express themselves as continuing problems with money and work…to avoid feeling intense and unresolved emotions. These patterns are rigid, predictable, generally self-destructive, and have a tendency to extend to all areas of a person’s life, wreaking havoc everywhere. Interestingly, they are often not caused by a lack of money. There are many symptoms of money disorders, that present themselves in many ways. This includes anxiety, lack of savings/investments, failure to change negative financial behaviors after repeated attempts, using money to control others, excessive debt and sometimes bankruptcy, overspending or it’s alternative known as miserliness, overemphasis on material things, or alternatively under-earning, deceptive or illegal behaviors as it pertains to financial activities and behaviors, and conflict in relationships. This week, you were asked to complete the Module 3 – Mid-Term Case Study: Financial Planning for Lottery Winners. Chapter 8 of Facilitating Financial Health specifically references research that indicates lottery winners are not significantly happier than non-winners, report less overall life satisfaction as compared to non-winners, and have a tendency to develop severe depressive disorders. Yet, people still cling to the notion that their problems will be resolved if they have more money. Likewise, one of the associated features of having money (or the lack thereof) is the feeling of shame. Financial planners often see a new client’s shame around money present itself in a new client meeting, in which people tend to APOLOGIZE for having the money they have (think Steve and Christine from the Lottery assignment)! The authors describe psychological variables that contribute to such feelings including: Money avoidance scripts Money ambivalence and cognitive dissonance The psychology of envy The theory of relative deprivation Keeping in mind these four psychological contributors to “money shame,” drawing from your readings, the assignments you have had in this class so far, and from real-life examples, you have encountered, describe: (1) a situation you have been a part of or witnessed, personally or professionally, in which ONE of these psychological factors has been present. (2) the details of the situation and the actual outcome of the situation. (3) how professional intervention could support or facilitate an improved financial outcome, citing some strategies or tools that you have learned in your readings from Facilitating Financial Health thus far. Part IV: Again, looking back to Module 3 – Mid-Term Case Study: Financial Planning for Lottery Winners, let’s narrow our focus on William “Buddy” Post III. As a reminder, he won $16 million, but lost most of it through poor money management and was nearly killed by his own brother over a financial dispute. Throughout the documentary, Buddy had plenty of very colorful things to say. But now, you know more about money scripts, looking back you can probably pinpoint specific things he said as not just idle talk of someone scorned by life, but closely-held money scripts formed early in life, which presents as serious issues with money later in life. As you can probably expect, someone who never dealt with those issues would experience significant problematic money behaviors and money disorders, of which all the money in the world (Buddy’s $16 million) could not possibly come close to fixing. And in most situations, exacerbate the symptoms of money disorders altogether. Using Buddy as your reference point, please describe: (1) What symptoms of money disorders Buddy presented within the documentary (agitation and depression are examples). (2) Why Buddy’s financial windfall led to feelings of shame and guilt, and why his experience as a hero influenced this so tremendously. If you recall, Buddy and those close to him held the belief that he won the lottery as repayment for saving a life in a fire…and how the subsequent problems with money seem to be punishment for failing to save the other life. Why would Buddy’s heartbreaking perspective result in the squandering of his lottery winnings? (3) Similarly, describe why Buddy may feel justified in hanging on to his money scripts subconsciously and rejecting having money (spending all of his money) in light of his family trying to kill him, wife leaving him, and feeling non-deserving of the money and/or generally cursed by the universe?